7,744 Shares in The Progressive Corporation $PGR Purchased by Henson Edgewater Management LLC

Henson Edgewater Management LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,744 shares of the insurance provider’s stock, valued at approximately $1,606,000. Progressive makes up about 0.9% of Henson Edgewater Management LLC’s portfolio, making the stock its 27th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Progressive during the second quarter worth $10,496,271,000. State Street Corp boosted its holdings in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after buying an additional 78,374 shares during the period. Capital International Investors grew its position in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after buying an additional 1,217,527 shares during the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the second quarter worth about $2,682,342,000. Finally, GQG Partners LLC raised its stake in Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after acquiring an additional 1,092,151 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.6%

PGR stock opened at $218.90 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $127.26 billion, a PE ratio of 10.98, a P/E/G ratio of 2.90 and a beta of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.83. The firm has a 50 day simple moving average of $217.19 and a 200 day simple moving average of $207.23.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.40 EPS. Equities research analysts forecast that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is currently 2.01%.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Roth Capital reiterated a “buy” rating and set a $245.00 price target on shares of Progressive in a research report on Thursday, August 20th. Bank of America reduced their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Mizuho set a $236.00 price objective on Progressive in a research note on Wednesday, August 5th. Finally, Cantor Fitzgerald lowered their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $236.26.

Insider Buying and Selling at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,242 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. This represents a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00. Following the completion of the transaction, the insider owned 31,257 shares of the company’s stock, valued at approximately $6,857,785.80. The trade was a 3.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,449 shares of company stock valued at $17,685,203 over the last 90 days. 0.32% of the stock is owned by insiders.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.